AHOLD DELHAIZE: CMD feedback: implementing a true omnichannel strategy and capping FCF | NEUTRAL | EUR32 VS. EUR29 (+7%)
AHOLD DELHAIZE - NEUTRAL | EUR32 VS. EUR29 (+7%)CMD feedback: implementing a true omnichannel strategy and capping FCF
Aiming at digitizing to the benefit of omnichannel but not of FCF
Towards a >3% sales CAGR driven by e-commerce
With further reinvestments in stores and digital capping FCF at around EUR1.8bn
What to expect from Bol.com IPO? EUR3.3-5bn valuation and EUR800m-1.2bn proceeds for Ahold Delhaize
Neutral reiterated with a TP lifted to EUR32
Koninklijke Ahold Delhaize is an international group of supermarket and foodservice operators based in Europe and the U.S. Co. operates supermarkets and convenience stores. In addition, Co. provides online food retailing services. Co. also finances, develops and manages store sites and shopping centers. Ahold Europe comprises Albert Heijn in the Netherlands and Belgium; Etos, Gall & Gall, and albert.nl in the Netherlands; and Albert / Hypernova in the Czech Republic and Slovakia. Ahold USA is organized into four retail divisions: Giant Carlisle, Giant Landover, Stop & Shop New England, and Stop & Shop New York Metro. The Peapod online business is also part of Ahold USA.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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